Surcharge Management
Assured Surcharge Compliance. Compliance with card network regulations and local & international surcharge rules.
Out-of-the-box surcharge rules in compliance with local and global surcharge regulations and card types. Up-to-date compliance with changing regulations.
Surcharge compliance software helps businesses manage the legal and regulatory complexities of adding surcharge fees to credit card transactions. It automates the process of calculating and applying the correct surcharge rates while ensuring adherence to state and federal guidelines.
The surcharge processing software also integrates with payment systems, ensuring that surcharges are accurately reflected in transaction records. Additionally, it provides reporting tools to track surcharge revenue and compliance, helping businesses stay up-to-date with evolving regulations. This minimizes the risk of non-compliance and enhances operational efficiency.
Surcharge fees are subject to specific regulations, including limits set by card networks. Organizations can levy a surcharge fee as a percentage of the payment amount, with Visa capping it at 3% and Mastercard at 4% . Merchants cannot charge beyond these limits, even if their processing costs are higher.
Businesses must also follow credit card network guidelines, such as informing the network and acquirer of their intent to surcharge at least 30 days in advance. Failing to comply with these regulations can lead to fines or suspension of credit card processing privileges. Therefore, adherence to both state and card network policies is essential for legally applying surcharges.
Businesses need surcharge compliance software to manage the complexities of surcharge regulations and avoid penalties. With varying rules across states and card networks, the software helps ensure that surcharges are applied correctly and transparently.
The compliance technology in surcharge management software also allows companies to focus on core operations without worrying about manual errors or compliance risks, ultimately improving their profitability and compliance standing. Overall, it reduces the risk of legal issues while enabling businesses to recover some of their processing costs.
Surcharge compliance software helps businesses maintain legal and financial security by ensuring compliance with complex regulations. It reduces the risk of fines, penalties, or processing interruptions due to non-compliance. This software also promotes better customer transparency by clearly displaying surcharge fees at the point of sale.
Additionally, the software can significantly enhance operational efficiency by automating the surcharge calculation process. This not only saves time but also ensures accurate reporting, helping businesses optimize their cost-recovery efforts. The result is a streamlined payment process that boosts both compliance and profitability.
Effective surcharge compliance software includes built-in surcharge rules that align with local and global regulations, enabling quick and accurate implementation. It supports multiple card types and integrates seamlessly with a whole suite of B2B payment tools, such as invoicing and payment gateways.
Additionally, the software provides regular updates to ensure compliance with evolving laws, automatically adapting to new regulations without manual input. These features help businesses efficiently manage surcharge compliance while streamlining their overall B2B payments process.
Our surcharge management solution ensures compliance assurance by adhering to all relevant payment processing compliance regulations. It includes tools to automatically apply surcharges in accordance with the latest laws and guidelines, helping businesses avoid legal issues and maintain assured compliance.
